OPay Digital Services has appointed Citigroup, Deutsche Bank, and JPMorgan Chase to manage a planned US listing targeting a USD 4 billion valuation.
The planned listing marks a significant step up from OPay's last funding round. In 2021, the company raised USD 400 million at a valuation of USD 2 billion. If the targeted valuation is achieved, the IPO would represent a doubling of the company's assessed worth within five years.
African fintech's growing capital markets appetite
OPay operates in Nigeria, Africa's most populous country, and serves more than 40 million users. The platform addresses persistent infrastructure challenges in the region, including failed banking transactions, network outages, and fraud, where demand for mobile financial services has expanded rapidly.
Nigeria has become a notable origin market for fintech companies that have reached unicorn status, including Flutterwave, Moniepoint, and Interswitch. According to Bloomberg, OPay's IPO preparations follow a broader trend of African fintech operators exploring international capital markets. Airtel Africa has separately been reported to be planning a London listing of its mobile money unit at a valuation of around USD 2 billion.
In addition, McKinsey & Co. estimates that African fintech companies could collectively generate revenue of approximately USD 47 billion by 2028, reflecting the scale of the opportunity that is drawing investor attention to the continent's digital financial services sector.
OPay is expected to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Representatives for Opay, Citigroup, Deutsche Bank and JPMorgan declined to comment or provide any further information about the initiative.
